BTC Breaking Through $45,000, with Strong Market Optimism, Is ETF Approval Imminent?

TL;DR

The price of Bitcoin rose to $45,000 on the second day of 2024, once again reaching its highest price in 2023. In the past 24 hours, the liquidation amount reached $163 million, with a total of 55,998 people liquidated.

Between December 30th and January 1st, Bitcoin continued to fluctuate around $43,500 and suddenly rose at 2 am on the 2nd. As of the time of writing (10:30), the price reached $45,050.2, a 6% increase in the past 24 hours.

Bitcoin Breaks Through $45,000, Ethereum Approaches $2,400

After the ETF, which had been approved for speculation for more than a month since November 23, Bitcoin broke through $40,000 in early December. At that time, some media predicted that Bitcoin would reach $45,000 by the end of 2023. It was unexpected that Bitcoin would rise to the level of $45,000 just two days earlier than the predicted time.

Presently, Bitcoin has exceeded $45,000, with a peak price of $45,470.3 in the past 24 hours; The upward trend of Ethereum is slightly worse than that of Bitcoin, reaching a maximum of $2,397.76, approaching $2,400 but still failing to break through, with a 3.4% increase in the past 24 hours. And other Altcoins have been affected, with varying degrees of increase in the past 24 hours.

According to Coinglass data, a total of 55,998 people were liquidated in the past 24 hours, with a total liquidated amount of 165 million. Among them, Bitcoin liquidated exceeded $66.2 million, Ethereum liquidated exceeded $21 million, and the decentralized oracle project Teller (TRB) ranked third, with liquidated amounts exceeding $15.6 million.

Source: https://www.coinglass.com/LiquidationData

It is reported that TRB has been rising steadily from $14 since the end of August 23, reaching a peak of $593.09 during the New Year period, and then plummeting to $149.63 at 12:00 on January 1.
eCash
Source: https://www.coingecko.com/coins/tellor-tributes

The Psychology of Expected ETF Approval is the Main Driving Factor

The current upward trend may be mainly influenced by Reuters citing informed reports a few days ago. The market has a high expectation of being allowed to issue Bitcoin spot ETFs, which has driven this upward trend.

As early as December 23, Bloomberg’s main analyst Eric Balchunas expressed his confidence in the approval of the Bitcoin ETF within over a month: “They have a 90% chance of being approved by January 10th,” In addition, crypto analysts have also indicated that in the current cycle, the demand for Bitcoin is likely to drive the asset up to $50,000.

2024 is Worth Imagining

As of the time of writing (12:00 on the 2nd), Bitcoin still maintains an upward trend, with strong market Optimism. According to a blockchain analysis article by Guosheng, if the Bitcoin ETF is approved, the potential funding scale for investing in Bitcoin products over a long period of time is between $125 billion and $450 billion. With the strengthening of expectations for Bitcoin spot ETFs in North America, traditional overseas financial institutions are gradually establishing compliant infrastructure and fully entering the Web3 market in primary and secondary spot, derivatives, and custody. Web3 assets will become an important new force in the US stock market. Let’s enjoy the crypto market of 2024 together and look forward to Bitcoin’s future together.